Contiki Youth Evolution research

Thursday, March 30, 2017

We were delighted to partner with Contiki to conduct new research into the aspirations, behaviours and fears of young Australians (18-36 years of age). The Contiki 2017 Youth Evolution Report explores some of the key trends influencing their attitude and lifestyle.

Feeling left behind

There is a strong sentiment among young people, specifically those aged 18-21, that they are being left behind economically. Especially in an era of flat wages growth and huge increases in home and living costs. Two decades ago, the average Sydney house price was around six times the average annual full time income. Today this has skyrocketed to 14 times the average annual full time income.

Ten years ago, over a third (34%) of 18-34 year olds indicated they were saving for a home, while this has dropped to below a quarter (24%) today. A significant two in five (40%) 18-21 year olds fear they will never be able to own a home. “We think of younger generations as having a youthful idealism and optimism, but this research shows young adults are not feeling as positive”, says Mark McCrindle.

Financial fears

Over half (51%) of 18-21 year olds fear not being able to live out their dreams due to financial and time constraints and 42% already regret not saving enough.

“The students of today are going to be the most formally educated generation to date; it is predicted that one in two will obtain a university degree. However, so too will they have higher amounts of debt when they enter the workforce; in fact, they might be the first generation since the Great Depression who will end up economically worse than their parents,”. - Mark McCrindle

Travel is a priority

Despite financial constraints and complexities regarding an independent lifestyle, 76% of 18-21 year olds want to travel more. 

Although more than two thirds (69%) of this age group has the desire for financial freedom, just beyond this is their desire to travel and see the world (64%). 

Around a third are also willing to go into debt for travel (36% of 18-21, and 39% of 22-36 year olds).

Delaying traditional life markers

With a focus on lifestyle rather than just wealth accrual, the emerging generations are spending more time living at home. They are also delaying traditional benchmarks of adulthood such as buying their first home, marrying, or starting a family.

A third of Australians (32%) aged between 18-36 years old continue to live in the parental home. This is a mix of both those who have never moved out as well as those who have moved back in with their parents. This is often due to high costs of living; labelling them as the “boomerang generation”.

Even though they are happy to live with mum and dad, this generation is very aspirational, with two in five 18-21 year olds (41%) stating they would not be happy if they ended up in a similar financial situation and lifestyle as their parents (cf. 33% of 22-36 y/o).

More socially aware

Despite their daily struggles, young Aussies care about the world they live in and are more socially aware than previous generations. The research found that climate change (18-21: 26%), gender equality (15%) and racism (12%) are issues that are high on young millennials’ agenda. The report also revealed that almost one in five (18%) 18-21 year olds already regret not making more of a difference in the world (cf. 22-36: 12%; 37+: 10%).

How to teach Gen Z to be Collaborative, Innovative and Responsive

Monday, February 06, 2017

When I was eight years old, my third-grade teacher, Ms. Calov, taught me to be an inquisitive learner. Through her contagious enthusiasm, she turned me from an ordinary kid who did only what was required, to a perceptive student who asked for more projects and always connected what I learned to the world around me.

The kinds of soft skills I learned from Ms. Calov are increasingly important for Gen Z, the generation cohort after millennials. To be prepared for the jobs of today and tomorrow, these students need to be collaborative, innovative and responsive to their environment. Here's a look at how today's teachers are fostering curiosity, creativity and other skills in their students, with help from technology.

- Mark McCrindle

Encouraging collaboration

School is no longer just a place to learn math, science and writing. It’s a place to learn interpersonal skills that will never become outdated—like how to collaborate, resolve conflict, clearly communicate ideas and teach others. Technology can encourage this kind of interaction. For example, since Gen Z is the first digital-native generation, teachers are asking students for help using technology and to show their peers how to use new tools. Students are working on group projects when they’re in separate physical locations, developing their ability to communicate through written feedback and explain the thinking behind their suggestions.

Encourage lifelong learning and innovative thinking

Teachers today are encouraging students to have a love of learning and adopt an entrepreneurial mindset, so they can adapt to new careers and industries. The average employee tenure in the U.S. is 4.2 years, a decline from 4.6 years two years prior. In Australia, we’re experiencing a similar effect where employees are staying in jobs for a shorter duration—the Australian average is three years. This means Gen Z will have 17 different jobs in their life, and they’ll need to continue to learn new skills and how to use new tools as they progress in their careers. By designing learning tasks that have a real-world application, teachers are engaging their students as problem finders and problem solvers—roles that are crucial in any job.

Foster an adaptive mindset that’s ready for change

As the economy shifts and new jobs like VR engineers and cognitive computer analysts emerge, the next generation will need to be able to learn quickly and connect the dots between related topics. To teach these skills, many teachers are “flipping” learning —asking students to reflect on global issues and synthesize information from videos, podcasts and written material, instead of simply assigning a chapter in a textbook.

Six decades later, I still remember Ms. Calov. Her inspiration reminds me of a Mother Teresa quote: “I alone cannot change the world, but I can cast a stone across the waters to create many ripples.” Ms. Calov created many ripples by fostering a love of learning and empowering a community of learners. But with technology, every teacher can teach students lifelong skills to carry them through their careers.

Learn more by watching Mark’s recorded talk from Education on Air.

Millennials in the Workplace [MEDIA]

Monday, May 30, 2016

Workplaces with swings, cubby houses, and video games might seem to belong more in a childcare centre than an office, but they’re the kind of workspaces being designed by the Millennials of today, with the reasoning that fostering creative energy at work makes for a more productive team.

Mark McCrindle defines Millennials (or ‘Generation Y’) as those born between 1980 and 1994, and hence, those who are coming of age or beginning their careers in the new millennium. Generation Y has a reputation for being the ‘selfie society’, infatuated with themselves, their smartphones, social media, and celebrities. However, their expertise in the harnessing of technology, coupled with an entrepreneurial spirit, could be an explanation for their ascent in the world at a rate faster than any other generation before them.

Millennials seek leadership opportunities, and desire to create jobs for themselves, rather than looking for a job – Generation Y is one that doesn’t need a job for survival and security reasons. Mark McCrindle attributes the Millennials’ changing ways of thinking as what has empowered them to become the ‘entrepreneurs of today’.

See the full story featuring Mark McCrindle below:


Does Generation Y have it easier than the Baby Boomers?

Thursday, April 14, 2016

Generation Y are today’s 22 – 36 year olds, and make up 22% of the Australian population (5.22 million). They also make up the largest cohort in the workforce (34%). Gen Y’s are comprised of today’s parents, senior leaders, influencers, and increasingly wealth accumulators. With 1 in 3 being university educated (compared to 1 in 5 Baby Boomers), they have grown up in shifting times and are digital in nature, global in outlook and are living in accelerated demographic times.

Our Research Director, Eliane Miles, chats to Tony Delroy from ABC Nightlife about the future of Generation Y and whether we need to stop giving Gen Y a hard time.

Eliane, can you compare the wealth of the baby boomers at 25, to Gen Y at the same age – what story do the figures tell?

Well earnings have certainly increased, with average annual full-time salary in 1984 at $19,000 compared to $80,000 today. However houses were also cheaper, with the average price of a residential property costing just $64,000 compared to more than 10 times that across the nation today. In 1975, the median house price was just 5 times the average full-time earnings, but in 1996 this increased to 6 times and today it currently sits at 13 times! Property was cheap, and while it was more difficult to borrow, Baby Boomers were raised with a saving mindset so made the most of their hard work.

There has been a stereotype of Generation Y being demanding in the workplace, not being prepared to put in the hard yards at the bottom of the rung, of not holding loyalty towards employers – to what extent do you think any of those stereotypes ring true?

These stereotypes are the same stereotypes that were made 15 years ago towards Gen X. That somehow the economic mishaps of Gen Y are their own moral failure (lazy, expect too much, spend too much time on social endeavours). Yet there’s a lot of other factors at play and it’s not entirely bad. They’re not locking into a job the same way as their parents (average tenure is 2 years and 8 months for Gen Y compared to 6 years and 8 months for Baby Boomers) but it’s not all bad. Enduring education longer, staying at home longer, the reality of formal education and global connectedness means they’re more equipped and resourced to collaborate in the 21st century, more able to engage in a diverse workforce and lead in collaborative ways.

The fact that Gen Y’s value work-life balance is a good thing, they are less likely to get burned out, more relatable to life, not just saving their leave for one day in retirement but bringing life. Older generations bring experience and structured thinking, younger generations bring innovation, 21st century education, and greater cultural diversity to the working world.

Eliane, do you think there are certain expectations that Gen Y grew up with that they’re suddenly wondering if they’re actually going to happen?

Yes certainly. Gen Y’s saw the miracle wealth accumulation that their Baby Boomer parents had, and expect to start their economic lives in the same way their parents are ending theirs. Now, there’s a realisation that all of the factors that set up the Baby Boomer generation probably won’t be on-side for Gen Y. They’ve dreamt of having it all – the house, the car, the annual overseas trips, the dining out … but the reality of what they’ve been handed is that one or perhaps more of those things need to go.

How was the economic environment different for young baby boomers compared to young Generation Y’s?

Baby Boomers were handed a series of fortunate events. Rather than looking at income in the mid-20s let’s compare the two environments in which they became wealth accumulators.

Firstly, the path begins with their birth (1946-1964), a period of time or remarkable economic development after WW2 (post-war rations, high rate of savings). Beliefs about what the government should provide (health care, education, unemployment, and tax benefits) have reflected the priorities of this generation and the environment that they were raised in.

Then they benefited from the good economic times in the late 1990s and early 2000s, as they were already in the property market. Baby Boomers had a 27 year period of uninterrupted economic boom (from the recession in the early 1990s to 2008) which is likely to be unprecedented and never again seen among Australians of any generation.

Now the tables have turned.

Gen Y didn’t get access to free education, cheap rent while saving or union-protected and secure jobs. Young people today have little prospect of owning a home, so consumer spending improves their quality of life. Baby Boomers have a larger share of the pie while Gen Y, nor any other generation following the Baby Boomers for that matter, will reach a similar landmark. They benefited from advantageous tax systems and modest taxes. Their generation thrived in a unique, economic miracle.

But it’s not all bad news for Gen Y.

Australia is one of the few wealthy countries which has seen disposable income growth be higher for those aged 25-29 than those aged 65-69, with 27% growth compared with 14% growth between 1985 and 2010.

When it comes to homeownership amongst Gen Y members, how do they compare to the generations before them at a similar age?

In 1981, 61% of those aged 25-34 owned their own home and in 2011, this figure had dropped to 47% of those in the same age bracket. Across the board (not just in the younger years) we’ve seen a decline in home ownership. 20 years ago, 42% of Australians owned their home outright, which has decreased to less than 30% today. Furthermore, just 26% were renting, which has grown to almost a third today (31%).

So why this decline? This can be attributed to the emergence of single-person and single-parent households, the growing gap between house prices and average weekly earnings and tax concessions to owner occupiers. With government policies being geared towards home ownership, this means that Gen Y’s who start their earning lives later risk spending more of their income on housing costs when they retire.

Let’s set the crystal ball 50 years into the future – Eliane what do you see for Gen Y in 2066?

Demographically, Australia’s population will certainly have grown – Australia will have over 40 million people, Sydney over 8.4 million and Melbourne 8.5 million, having overtaken Sydney as Australia’s largest city by 2056. Migration will continue to drive growth, and with increasing cultural diversity and greater influence from Asia, the population growth will continue to drive house prices upwards.

Australia’s population will also be ageing. 58% of the population will be in their 50s or older in 2066, one quarter will be over 65 and 1 in 6 will be over 75. In a nutshell, there will be more people aged over 60 than under 20.

And lastly, we will have changed a lot in that time as well. In 2066 Gen Y’s will be aged 72 to 86, and Gen Z’s (those now aged 7-21), of whom there are already 4.43 million in Australia (comprising 18% of the population), will be nearing their retirement years (57 to 71). So by 2066 we’ll have seen 3 more generations emerge after Gen Alpha and we can be sure that these individuals will be shaped in completely different times.

ABOUT ELIANE MILES

Eliane Miles is a social researcher, trends analyst and Director of Research at the internationally recognised McCrindle. As a data analyst she understands the power of big data to inform strategic direction. Managing research across multiple sectors and locations, she is well positioned to understand the mega trends transforming the workplace, household and consumer landscapes. Her expertise is in telling the story embedded in the data and communicating the insights in visual and practical ways.

From the key demographic transformations such as population growth and the ageing workforce to social trends such as changing household structures and emerging lifestyle expectations, from generational change to the impact of technology, Eliane delivers research based presentations dealing with the big global and national trends.

With academic qualifications in community engagement and postgraduate studies in international development and global health, Eliane brings robust, research-based content to her engaging presentations and consulting. As a social researcher, she has been interviewed on these topics on prominent television programs such as National Nine News and Today, as well as on radio and in online media.

DOWNLOAD ELIANE'S SPEAKERS PACK HERE

To have Eliane present at your next event, please feel free to get in touch via email to ashley@mccrindle.com.au or call through to 02 8824 3422

McCrindle in the Media

Wednesday, February 10, 2016

As Australia’s leading social researchers, the senior research team at McCrindle are actively involved in media commentary. From demographic analysis and future forecasts, to communication of key research findings and the identification of social trends, at McCrindle we are passionate about communicating insights in clear, accessible and useable ways.

Here are some of the most recent media pieces our research and team have been cited in:


Millenials found to be far more likely to quit work than other generations

“Millenials are a multi-career generation, moving from one job to another and from one job to further study or an overseas job. Mobility defines them,” he said.
“They’re a more educated cohort, they’re more tech-resourced. Even when they’re happy in a job they’re passive job hunters because they’re so well networked. People are approaching them on LinkedIn and they want to be future proofed.”
“They are looking for belonging and leading and shaping things. They want to be successful so if employers are empowering and involving them they will stay longer. A pay increase is a short-term fix but in the long term it’s all about engagement.”
CLICK HERE TO READ THE ARTICLE


Buyers Swap 'Traditional Aussie Dream' For High Density Apartments

McCrinde Research social demographer Mark McCrindle concedes many foreign buyers are getting into the market, but said the lift in demand was also due to more Australian singles, couples and families opting for apartments.

Australia's booming population was underpinning the shift, he said, by pushing up demand for property of which apartments were an affordable type. "In less than 2 weeks we hit the 24 million mark and that's an increase of a million people in just around three years, so it's pretty significant growth," he told The Huffington Post Australia.


Inside Sydney’s homes of the future: A city of cities as homes get smaller and taller

McCrinde Research social demographer Mark McCrindle says Sydney's residential landscape will be forced to change to cope with the population growth, with multi-use residential developments the way of the future and a move away from CBD workplaces.

“We’re essentially going to be a city of cities, with not everyone working in the CBD,” Mark explains. “People will work in the suburbs, in business parks, and we will have second, third and fourth CBD areas where you work, live and play all within the locale.”




Why money is a big issue for Australian retirees in 2016

Social researcher Mark McCrindle said financial instability was an enemy of retirees. After the GFC a lot of people had to change their retirement plans and expectations because so much was wiped off,” he said.

Falling house prices in several states were adding uncertainty to retirees looking to downsize, Mr McCrindle said, while there were social impacts caused by children failing to leave the nest. “Retirees can’t quite make their own independent decisions because they still have adult children living at home.”

CLICK HERE TO READ THE ARTICLE



According to Optus’ Renter of the Future report out today, three out of ten renting households consider themselves as “choice renters” who are not buying into the great Australian property dream. And when it comes to choice renters, they are three times more likely to be tech savvy.
The report, which was conducted by McCrindle Research shows that 2016 will see a new generation of tech-savvy renters who favour a lifestyle fuelled by freedom, flexibility and choice.
“We wanted to understand the renter and find out who they are. Demographically they’re got punch, geographically they’re got punch and as we’ve found from this technologically they’re amongst the earliest adopters,” said Mark McCrindle, social demographer.




Today's trends are coming at us faster than ever and have a life cycle that is shorter than we've ever seen before. Trends are increasingly global -- and with that, they're bigger, better, and faster.

From a generation who can track, monitor, record and analyse their every moment, to work that is increasingly being done in non-traditional places, here are some trends to watch in 2016.


CLICK HERE TO READ THE ARTICLE

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